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masha68 [24]
3 years ago
7

Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and

sold 160,000 Cost of goods sold per unit $6.30 Selling price $11 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 18 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year Sales $
Cost of goods sold
Gross margin $
Less: Variable selling and administrative expenses
Less: Fixed selling and administrative expenses
Operating income $
Less: Income taxes
Net income $
Business
1 answer:
Lena [83]3 years ago
6 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $11

Variable selling and administrative expenses per unit $1.10

Fixed selling and administrative expenses $423,000

Tax rate 18 %

Income Statement:

Sales= 160,000¨11= 1,760,000

COGS= 6.30*160,000= (1,008,000)

Gross profit= 752,000

Selling and administrative expense= (160,000*1.10) + 423,000= (599,000)

Earning before taxes= 153,000

Tax= 153,000*0.18= (27,540)

Net operating profit= 125,460

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A machine has a cost of $15,000, an estimated residual value of $3,000, and an estimated useful life of four years. The machine
saveliy_v [14]

Answer:

We find the amount in accumulated depreciation by finding the depreciable value:

Asset Cost - Residual Value = Depreciable Value

$15,000 - $3,000 = $12,000

Now, let's divide this by 2 to find the amount in accumulated depreciation at the end of the second year:

$12,000 / 2 = $6,000

4 0
2 years ago
Copper alloy products shipped to manufacturers are supplied in the __________ condition when maximum strength is required.
vampirchik [111]

Answer: Fully Annealed condition.

Explanation:

Annealing is a heating process in which physical and sometimes chemical properties of material are altered. This process increases the ductility and reduces hardness of material, resulting in increase of the material strength.

4 0
3 years ago
1) The Johnson Manufacturing Co. has an annual operating budget of $750,000. Each year it budgets for the following expenses: po
nevsk [136]

Answer:

See below

Explanation:

The percentage allocated to each socially responsible action

1. pollution control

Pollution control has been allocated is $37,000

As a percentage

= $37,000/$750,000 x 100

=0.0493333 x 100

=4.933%

2. Community project

community project has been allocated $22,500

As a percentage

= 22,500/750,000 x 100

=0.03 x 100

=3%

3. Employee fitness

The amount allocated to employee fitness is $7500

As a percentage

=$7500/$750,000 x 100

=0/01 x 100

=1%

4. The total amount spent is

=, $37,000 +$22,500 +$7,500.

=$67,000

7 0
3 years ago
Vulcan, Inc., has 7 percent coupon bonds on the market that have 13 years left to maturity. The bonds make annual payments and h
ololo11 [35]

Answer:

Current bond price  is $891.74

Explanation:

Coupon rate: 7%

Tenor (Nper): 13 years

Par value: $1,000

YTM (discounting rate): 8.4%

Coupon received annually (PMT) = $1,000 * 7% = $70

Current bond price  = present value of coupon received annually + present value of bond

To calculate PV of coupon received, we use excel in formula PV(discounting rate ,Nper,- PMT) = PV(8.4%,13,-70) = $541.30

or calculate manually = 70/(1+8.4%)^13+70/(1+8.4%)^12+…..+70/(1+8.4%)^1 =  $541.30

present value of bond = 1000/(1+8.4%)^13 = $350.44

Current bond price   = $541.30 + $350.44 = $891.74

3 0
3 years ago
The market for land is competitive and in equilibrium at the rental rate of $500 per acre and the supply of land is perfectly in
Elina [12.6K]

Answer:

Falls by $100,000

Explanation:

In this question, we are asked to calculate and state what happens when demand for land falls and as a result, there is also a fall in rental rate.

Firstly, we cost the total of 1000 acres. The price of 1000 acres is simply the multiplication of the 1000 acres by the $500 unit price= 500 * 1,000 = $500,000

We now calculate the price or worth of the land when demand falls

This is mathematically equal to 400 * 1000 = $400,000

Now, the net economic rent fall would be $500,00 - $400,000 = $100,000

Hence, there would be a fall of $100,000 as the demand for land falls

5 0
3 years ago
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